Oberoi Realty to grow 13,450 sq meters of land in Mumbai

Oberoi Realty declared that it would be redeveloping a space measuring 13,450 square metres in Tardeo, a desirable suburb of Mumbai, which would result in a free sale component of almost 2.5 lakh square feet. The big real estate business told the stock markets that it had engaged into a development agreement for the construction and renovation of a plot of land covering around 13,450 square meters located in Tardeo, Mumbai City.

“The company expects to generate a free sale component of around 2.5 lakh square feet (on carpet area) from the development and redevelopment of the said land", Oberoi Realty. The plot of the land, which is to be redeveloped, is adjoining a property “already being redeveloped" by Oberoi Realty in a joint venture, the regulatory filing noted. In the trading session, Oberoi Realty's stock edged higher, settling at

Rs 1,137.70 apiece on the National Stock Exchange, which was 1.06 percent higher than the previous day's close. On the BSE, the scrip settled at Rs 1,135 apiece, up 0.84 percent from last session's closing price.

In the quarter ending June 2023, Oberoi Realty had posted a 20 percent on-year slump in net profit to Rs 321.64 crore. The decline was attributed to higher expenses, while the revenue remained stable.  The company's total income during the first quarter of the current fiscal had came in at Rs 933.45 crore, which was marginally lower than Rs 934.8 crore in the year-ago period. The expenditure, however, climbed to Rs 509.07 crore as compared to Rs 509.07 crore in the corresponding period of the previous fiscal.